Palm oil rises

KUALA LUMPUR: Malaysian palm oil futures rose on Thursday after five consecutive sessions of declines on technical correction and support from overnight gains in Chicago Board of Trade (CBOT) soyoil.
The benchmark palm oil contract for February delivery on the Bursa Malaysia Derivatives Exchange was up 0.6 percent at 2,747 ringgit ($657.65) a tonne at the midday break.
Traded volumes stood at 19,864 lots of 25 tonnes each at noon. "I believe the market was oversold, and is now riding on the recovery in overnight CBOT soyoil," said a futures trader from Kuala Lumpur.
"The ringgit´s strength continues to cap palm´s upside but we´re not sure if the ringgit can strengthen further." Palm declined to its weakest since Oct. 19 on Wednesday as the ringgit hit its strongest in about a year against the dollar.